BarbadosWealth Management
The passage of the International Trust Act (ITA) of Barbados in 1995, heralded a maneuver by the Barbados government to, through its offshore legislation use the concept of the trust to allow individuals the freedom to dispose of assets that might otherwise be indiposable by ordinary means.
The Act does not seek to redefine the common law governing the operation of trusts its aim is to facilitate the use of the trust as a vehicle for investment and estate planning.
CREATION AND OPERATION
An international trust may only be created by instrument in writing and is irrevocable unless the trust instrument contains a clause which declares the trust to be revocable.
Under the ITA neither the settlor, (the person creating the trust) nor any of the beneficiaries unless the beneficiary is an exempt insurance company, an international business company, a charity or a person specified by the Minister may be permanently resident in Barbados or resident there at any time when an
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